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In approving the mergers, the directors considered their own substantial holdings in each separate fund and the overall lack of liquidity in the separate shares of each. Among other things, the directors believe the larger fund will trade more vigorously than the separate funds and prevent large sell transactions at the bid from contributing overmuch to intraday volatility. Shareholders will benefit from the larger fund's lower fees as the share price approaches zero.
"pulls all borrow"
I love this blog. Righteous snark, brother. Nothing like it.
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